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    7 Replies Latest reply on Aug 28, 2008 10:09 PM by cicost5

    NEED HELP FINDING HARD MONEY!

    carguy Newbie
      Anyone with hard money or interested in making a solid return, please call me...607-345-2505
      I am in need of help to purchase commercial real estate, fully operational with three avenues of cash flow.
      I need any leads that this forum can offer, Thank You.
        • Re: NEED HELP FINDING HARD MONEY!
          LUCKIEST Guide
          *NEED HELP FINDING HARD MONEY, carguy from *Binghamton, New York

          Tell me more. Who are you?? How much "HARD MONEY" are you looking for??

          For How long?? Tell me more about the cash flow.

          Thanks, LUCKIEST
            • Re: NEED HELP FINDING HARD MONEY!
              carguy Newbie

              Luckiest, our team is assembled of a three seasoned car vets. We are from Cortland,NY. Our market is going to be taken over by an out of town dealer and we want to stop this from happening. We live in and work for our community. There is a tremendous need for a used car store. This would create cash from three different departments, sales, service, and body shop. These avenues have been running for 30+ years in the same location until Ford pulled out last month. Our team consists of a Finance manager, Sales manager, and a salesman that has a proven record of 30-50 sales each month. We have all other people in place and ready to jump when needed. The hard money needed is $300-500k to operate and willing to setup floorplan for majority of that. We need to start operating so we can start creating cash. This is needed for 12mos-18mos, and would pay up to 14% for interest only payments. The projected gross from the body shop is about $54k per month. The service dept. would be converted into a Napa Car Care Center, because there is a Napa store directly across the street. The Sales dept is projected to Turn 60+ units and generate nearly $100k monthly from front and back end gross. We would love to own the property, but current owner is willing to sign long term lease. This Hard Money will work for all parties involved. Our team has over 60 years in this business, the market is always going to be tough, it is perseverance that pays. We want it to work. Thanks.
            • Re: NEED HELP FINDING HARD MONEY!
              efairch500 Newbie
              Do you have money put down? What is your expected LTV?
              • Re: NEED HELP FINDING HARD MONEY!
                N2Fitness Newbie
                Hard money is generally defined as being secured by real estate containing equity, with this real estate being immediately signed over to the "hard money" lender as security for a specified time of repayment of principal and interest. If you are leasing, as you mentioned, and aren't going to be getting a deed on the commercial property, you will need to utilize your own personal property to secure a hard money loan. If you are looking for cash injection via debt or equity financing, you will have to give up some stock for that. Most hard money lenders will want property that is already under the control of the principals involved and not a "maybe". You may be able to find a local "hard money" lender who knows your local market and can make a deal with the current owner and your operating group for a seamless transaction.

                If there are three of you with decent credit history, personal financial statements and industry experience, you may be able to get a loan of your own for the property and/or the business. Banks are much more apt to give a loan with property involved. Maybe the current property owner is willing to carry all or a portion of the loan in exchange for higher interest payments until you can secure additional financing. What happened to the Ford dealer? If they simply shut down, you could approach the original owner about purchasing the business name and with it you get the financials. You may even be able to do this if their franchise was sold and the old name discarded. It's worth a shot and will open a lot of doors quickly even if you end up changing the name down the road. Regardless, you are probably looking at about a 20% cash injection to get anything moving unless you have an angel investor or family members willing to help out.
                • Re: NEED HELP FINDING HARD MONEY!
                  cicost5 Wayfarer

                  We are a nationwide commercial morgtgage broker offering more the 8000 programs.We provide 24-48 hours turn around time .We work with over 200 lenders who can offer programs for all your needs. Please vist us at: hhtp://www.westcaplending.com or e-mail; costelc@westcaplending.com